Longevity Planning: Why Millennials Should Plan to Enjoy a Long Retirement

Even if you’re decades away from retiring, there’s one big retirement reality millennials can’t afford to ignore: your retirement might last 30+ years. Thanks to longer life expectancies and rising healthcare costs, it’s not enough to just save for the end of work. You need a plan for enjoying your entire retirement. 

That’s where longevity planning comes in. It’s about preparing financially, physically, and emotionally for a long retirement that’s rich in meaning, wellness, and everyday joy. 

The Truth About Longevity and Rising Costs 

The average life expectancy in the U.S. is now over 78 years, and trending upward. Many millennials can reasonably expect to live well into their 80s or 90s, especially with medical advances and lifestyle improvements. But longer lives come with higher costs. 

Healthcare alone is a significant burden. According to Health System Tracker, U.S. healthcare spending topped $4.9 trillion in 2023. Retirees can expect to spend over $172,000 on medical costs throughout retirement, and that doesn’t include long-term care, dental, or vision. 

Add in the potential for inflation, market volatility, and lifestyle changes, and it’s clear: your retirement plan needs to last longer and work harder than those of previous generations. 

Learning from MIT AgeLab: More Than Money 

The MIT AgeLab researches how people can live longer, better lives. Their work reminds us that longevity planning isn’t just about financial projections. It’s about designing a life that works for you across all stages. 

They emphasize four key areas: 

• Health: How you manage physical and mental wellness over time 

• Wealth: How you accumulate, protect, and use financial resources 

• Self: Your sense of identity and purpose after your career 

• Home: How you age in place or adapt your living environment 

Thinking about these now can help you make better choices in your 30s and 40s that lead to greater freedom and satisfaction later. 

Habits That Support a Long, Fulfilling Life 

Longevity planning doesn’t mean building a detailed retirement spreadsheet in your 30s. It’s about the small decisions you make now that lay the foundation for the life you want to live in your 60s, 70s, and beyond. 

Here are a few ways to plant those seeds today: 

• Invest early and consistently. The power of compounding favors those who start young. Consider long-term, diversified portfolios and tax-efficient accounts like Roth IRAs and HSAs. 

• Form health habits now. Wellness isn’t just about gym memberships. It’s about building daily routines that support long-term mobility, mental clarity, and resilience. 

• Stay curious about what brings you joy. What does a fulfilling day look like without work? Explore hobbies and interests now that could evolve into passions or part-time pursuits in later years. 

• Spend intentionally. Budget for experiences and moments that bring meaning, not just milestones. That mindset helps you center joy, now and later. 

• Maintain your community. Strong social networks are just as vital to longevity as financial security. Relationships you nurture now can carry you through many chapters of life. 
  

Keep the Big Picture in Mind 

Longevity planning isn’t just about avoiding financial risk. It’s about shaping a life that reflects your values and aspirations. When you think ahead, you're not only protecting your future self but also giving yourself more freedom to enjoy the years along the way. 

At Sachetta, we believe in planning not just for your finances, but for your whole life. We’re here for life’s road ahead, helping you build toward a future that’s not only secure, but meaningful. 

If you’re a young professional, consider our ASCEND program, designed specifically to support early-stage financial decision-making with long-term vision. 

George Liakakis, CPA, CFP® , MSA is Sachetta’s CFO and holds a Master’s Degree in Accounting from the University of Massachusetts Lowell. He is a licensed financial advisor. He focuses on both business and individual taxation, as well as financial planning.